Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 3   STS taxpayers

Part 1   Main amendments

Income Tax Assessment Act 1997

51   Subsection 328-225(3) (paragraph (a) of the definition of asset value )

Omit “while you were an *STS taxpayer”, substitute “during an income year for which you were a *small business entity and chose to use this Subdivision”.